This means that anything that looks like 'good' US economic data is good for the dollar but bad for equities, bonds, commodities and other currencies.

The situation is not quite as monolithic as it sounds.

Emerging market equities, bonds and currencies and also Gold are at one end of the volatility spectrum while US, UK and Japanese equities are at the other, especially companies with strong trading performances. In other words some sort of logic is being applied amidst some rather wild volatility.

He would have anticipated the shock and horror this would unleash, even though it was blindingly obvious to those willing to see.

The next step has been to play down the pace of the inevitable tapering process, thereby making asset prices perk up again and avoiding excessive dollar appreciation (not that he would ever admit to an exchange rate policy, of course!)

Despite his mellifluous efforts, investors are already even more fixated with the Non-Farm Payrolls and the headline unemployment rate (first Friday of each month) and weekly claims (every Thursday except public holidays).

Put the dates in your diaries now and, while you do that, start fretting over the statistics for employment and economic inactivity (those not looking for work).

Gold and oil look ripe for some profit-taking as the punters have done much better than they can have hoped over the last ten days (longer for oil).

After all, tapering will start soon enough which should knock gold and it is hard to see any imminent mismatch between supply and demand for oil.

Meanwhile, speeches from the Federal Open Market Committee (FOMC) participants will get the most attention.

The latest minutes reveal that opinions vary considerably and just the regular dissent from the Kansas Fed. This week's data on retail sales and industrial production should be solid enough, which means they are unlikely to have much impact.

This means that the US and most other equity markets should make further progress while bond yields should stabilise.